The Cities for Financial Empowerment Fund’s Bank On National Account Standards Certification of Principal account indicates that it meets over 25 features for safe and affordable consumer transaction accounts.
(February 21st, 2023) Nashville, TN – Today, Fourth Capital announced that its Principal account was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2023-2024). The national safe account Standards, co-created by consumer advocates, leading national nonprofit organizations, civic leaders, and other financial institutions, designate both core and strongly recommended features that ensure low cost, high functionality, and consumer safety.
Key features of the Principal account include a monthly cost of $0, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance. The Principal Account is available in all three Fourth Capital branches across Middle Tennessee.
“As a community bank, it is important we equip ourselves with the tools and offerings needed to serve everyone in our community,” said Brian Heinrichs, President and Chief Executive Officer of Fourth Capital. “We are proud to be part of the Bank On movement and expand safe, affordable banking access to the Middle Tennessee community.”
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Fourth Capital’s Principal Account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Fourth Capital offers Middle Tennessee residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. Fourth Capital’s offering of this terrific account brings them into the forefront of national banking efforts, and we thank them.”
The goal of Bank On is to ensure that everyone has access to safe and affordable financial products and services. The Bank On National Account Standards identify critical product features for appropriate bank or credit union accounts, making it easier for local coalitions across the country to connect consumers to accounts that meet their needs.
Fourth Capital’s Principal Account is available at all three branches in Middle Tennessee. With the addition of the Principal Account, accounts that meet Bank On National Account Standards are now available at over 46,000 branches in all 50 states and Washington, DC; financial institutions with Bank On certified accounts already compromise over 56% of the national deposit market share. In addition to the Principal Account, there are over 300 other Bank On certified accounts available at financial institutions across the country. Data collected by the CFE Fund in partnership with the Federal Reserve Bank of St. Louis through Bank On’s national reporting platform shows that these accounts are meeting consumers’ needs; since their offering, millions of consumers have opened Bank On certified accounts, with approximately 85% of them opened by consumers new to the financial institutions.
The CFE Fund leads the national Bank On movement, supporting almost 100 local coalitions working to connect individuals and families to the financial mainstream through partnerships between governments, financial institutions, and community organizations. To learn more about Bank On and the National Account Standards click here, or follow the conversation on Twitter @CFEfund #BankOn.
About Fourth Capital
Locally owned and privately held, Fourth Capital was founded in 2004 as a community bank designed to serve Music City for generations to come. Fourth Capital is a full-service community bank, combining digital tools with human touch to create a premier banking experience. The Fourth Capital name is a nod to a moment in Nashville’s history that may surprise many as the city was the fourth capital in the history of the state. The bank’s headquarters office is at 10 Lea Avenue in the historic Rolling Mill Hill neighborhood at Peabody Plaza, with branches in Nashville at 4007 Hillsboro Pike (Green Hills) and Franklin at 9000 Carothers Parkway (Cool Springs). For more information, visit fourthcapital.com.
About the Cities for Financial Empowerment Fund (CFE Fund)
The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in over 100 cities and counties, and has disbursed over $59 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.
About Bank On
Bank On coalitions are locally-led partnerships between local public officials; city, state, and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. The Bank On national initiative builds on a grassroots movement of almost 100 coalitions in cities across the country, offering National Account Standards, capacity grant support, pilot funding, and a learning community. In addition to connecting unbanked individuals to accounts, Bank On programs raise public awareness, target outreach to the unbanked, and expand access to financial education. Visit www.cfefund.org/bankon for more information, or follow the conversation on Twitter @CFEFund #BankOn.